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DOL Crypto Guidance Under Attack

ForUsAll sues DOL challenging that its Crypto guidance went too far - and inappropriately side-stepped federal law's notice and comment rulemaking process. Since the start of the pandemic, sub-regulatory guidance (like the Compliance Assistance Release (No. 2022-01) at issue here) has become more and more of the "norm"; certainly, there are arguments supporting the use of sub-regulatory guidance to "fill gaps" on an expedited basis. However, without adherence to the rulemaking process, the guidance fails to actually solicit and consider the impact on all constituencies... As predicted, at a minimum, this means that the issue of offering crypto in 401(k) plans is far from settled.


litigation, cryptocurrency, l&e